Tibet Dejin Business Management Co., Ltd. completed the acquisition of an additional 21% stake in Shanghai Huitong Energy Co.,Ltd..
August 27, 2019
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Tibet Dejin Business Management Co., Ltd. made an offer to acquire an additional 21% stake in Shanghai Huitong Energy Co.,Ltd. (SHSE:600605) for approximately CNY 390 million on July 22, 2019. As per the offer, Tibet Dejin Business Management Co., Ltd. will acquire additional 30.94 million shares at CNY 12.5 per share. Transaction will be funded through own resources. Post completion, Tibet Dejin Business Management Co., Ltd. will hold 51% stake in Shanghai Huitong Energy Co.,Ltd. As of August 16, 2019, approximately 201 accounts will accept the tender offer, approximate total number of shares is 5.7 million shares accounting for 18.29% of the estimated total number of shares to be acquired. The tender offer is valid from July 26, 2019 to August 26, 2019.
Tibet Dejin Business Management Co., Ltd. completed the acquisition of an additional 21% stake in Shanghai Huitong Energy Co.,Ltd. (SHSE:600605) on August 28, 2019.
SHANGHAI HUITONG ENERGY CO., LTD is a China based company principally engaged in trading business. The Company operates its business through three segments. The Wind Power segment is mainly engaged in project development, construction and operation business. The Trading segment is mainly engaged in the domestic copper wholesale trading business. The Real Estate segment is mainly engaged in the relocation, design, decoration, renting and operation as well as provides property management services for the company's own office buildings, warehouses and workshops. The Company mainly operates its business in Shanghai City.